How to Sell a Property When You are a Co-Owner

When a property is owned or inherited by more than one person, each person is considered a co-owner. If one of the co-owners wants to sell their share or even the entire property, they have to get the other co-owners’ approval first Otherwise, the sale will have to be settled through legal intervention from the court to divide the property fairly. Most people, however, don’t know much about the legal procedures associated with selling a co-owned property. This is why in this article, we will walk you through the steps you need to take when looking to sell your co-owned property. 

Refer to the Property Deed to Know About Your Share

When selling a co-owned property, both parties will have to go over the deed to understand their legal rights and their exact shares in the property. If all parties involved share the residency of the property, then you all get equal parts or shares of the property. This means that you can either sell your share in the property or give it away to someone else. A simpler solution for this is having the other co-owner buy your share in the property to help you both achieve your goals. If you want to sell the entire property, then both you and the other co-owner will have to agree to sell your shares. 

Set the Price and Review the Offers With the Co-owner

You need to research similar properties in the area before putting yours on the market to accurately estimate the average price of your property. You also need to reach an agreement on the price that you set with the other co-owners. If they don’t agree with you, you can talk to a lawyer to come up with the best partition lawsuit strategy that can help you settle the deal. This can be a must in places like Orange County where real estate disputes are particularly tricky to navigate. Before going to court, you will also need to review the offers with the co-owners to find out if they are interested in any of the prices that the property can be sold at. In most cases, reaching a middle ground with the co-owner is the best way of selling a co-owned property. 

List the Property and Close the Deal

The first thing you need to do after reaching an agreement with the other co-owners is to list the property so that buyers would approach you. Hiring a real estate agent will help you get the news around and get you the right buyers. After reviewing the offers with your co-owner, make sure that both of you are present to close the deal and sign the needed documents. When a buyer is making a purchase, they will need both owners’ signatures to finish the paperwork and close the deal. 

It’s always better to get the other party to agree to any decision you want to make when it comes to co-owned properties. Getting the co-owner on board with any actions involving your shared property will save you a lot of time and prevent legal complications. Make sure that you go over the terms of the deed to know everything about your ownership rights and determine what to do next when selling your share.